Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-14-Speech-2-528"
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"en.20101214.37.2-528"2
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"Mr President, I would like to respond accurately, but succinctly to all those who have spoken, to whom I give my thanks.
Mr Balčytis, the agencies, as I have said myself, are not creating the problems. They just need to evaluate the problems properly and the thermometer needs to work properly. With regard to products, businesses and states, we have the right, considering the importance of these ratings, to expect and to take steps to obtain an evaluation or rating which is objective and credible. I think that from this point of view, Mr Balčytis, you should not underestimate the role that ESMA will play.
Finally, I would also say in response to Mr Szegedi that, regarding the level of the penalties, the specifications for ESMA in the text that you will be adopting go into detail on this, and that ESMA will apply these penalties in accordance with the proportionality principle.
Mr President, ladies and gentlemen, I thank you in advance for your vote of support for this new stage, which will show – I repeat once more – that Europe is making concrete and objective progress, that it is learning the lessons of the crisis, thanks to the support and the impetus given by the Belgian Presidency, and thanks to the support of all the groups in the European Parliament.
First, Mr Bodu, I obviously share your point of view on the risks of the issuer-pays model. I made this point myself in my speech just now. It is therefore a subject which forms part of our consultation in the future proposal, the third stage. As I said to Mr Fox and Mrs Băsescu, we will indeed also return to the matter of structured products. Mr Fox, I listened carefully to your concerns about security as regards exchanges of information, and we will keep an eye on this; we will come back to this point. We will also continue to rely on the competence of ESMA in this area. For us, this is a question of efficiency.
Mr Pittella, thank you for your encouragement. I think that it is good that, like Mr Klute and Mrs Gáll-Pelcz, you emphasise the importance of this new supervisory authority.
There are still some difficult issues to be addressed, which we have identified, and you yourself quite rightly reminded us of them: the lack of competition in this sector, the issue of rating sovereign debt, which Mr Kelly mentioned just now, and which poses a particular problem. We will take these ideas into account in the new consultation phase.
I share Mr Klinz’s view on the importance of penalties and the ability of ESMA to impose them. Mrs Regner also mentioned this point.
On the issue of third countries, Mr Klinz, the aim is to ensure that our requirements remain rigorous, and I say this also to Mr Mitchell, who mentioned Europe’s credibility with respect to these decisions which must be taken.
I am grateful to Mr Giegold for his positive assessment of the progress that we have made together today. On the subject of recruiting people to manage the European authorities, I obviously cannot provide any specific information about names at the moment, but I would like to say to you, Mr Giegold, and also to Mr Martin, that the process is now under way, that it is being conducted completely objectively, and that, as far as I am concerned, the criteria according to which the choice must be made are competence and independence.
I would also say to Mrs Regner that the agencies will gain in power. From the very first teams, they will develop in accordance with the competences that they have been and will be given. We are anxious to ensure the credibility of the agencies’ work in terms of methods and competences.
Mr Klute, thank you for your comments. You have clearly identified the problems which remain to be dealt with, and I am conscious, as I have said to several Members, that we will have to thoroughly examine these issues. That is why the idea of dealing with this issue of regulating the agencies in three stages seems to me to be constructive and positive."@en1
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